Chainlink (LINK) is currently trading at $10.35, reflecting a 24-hour change of -2.95%. The price has fluctuated between $10.33 and $10.95 over the past day, indicating a daily range of 0.62%, which shows low volatility in the current market environment.

The trading volume stands at approximately $456.67 million, with a volume-to-market cap ratio of 6.23%, suggesting moderate investor interest. The hourly moving averages indicate bearish sentiment, with the 8 SMA at $10.61, down 2.46%, and the 21 SMA at $10.72, down 3.44%, suggesting that short-term momentum is weak.

The RSI metrics present a concerning picture; the 1-hour RSI is at 20, indicating oversold conditions, while the 7-day RSI sits at 40, showing a lack of bullish momentum. Price changes over the past week (-15.05%), two weeks (-24.44%), and month (-15.41%) further illustrate a consistent downward trend, contributing to bearish sentiment.

Chainlink's all-time high of $52.70 was reached in May 2021, which highlights the current price's significant distance from historical peaks. This substantial drop from previous highs indicates ongoing challenges in regaining investor confidence and market support.

Given the technical indicators of weak moving averages, low RSI levels, and the sustained downward price trend, the current outlook for LINK appears unfavorable. Therefore, the rating for Chainlink (LINK) is Sell, as the market conditions do not support a rebound in the near term, and further declines may be expected.